mCig Expands into Security Solutions Space
July 1st, 2015
News, Top Story
mCig Inc. [stockquote symbol=MCIG], a leading provider of technology, products, and services for consumers, manufacturers, dispensaries, and growers within the cannabis industry, recently announced that it has signed a letter of intent to acquire Security Grade Protective Services Inc., a full-service security firm specializing in the cannabis industry. The acquisition is expected to close on or before July 19th and significantly expand the company’s scope of offerings.
“This acquisition of Security Grade is just one of many product and service offerings we plan to bring into the mCig portfolio to become a one-stop shop for the cannabis industry,” said Paul Rosenberg, CEO of mCig Inc. in the recent press release. “The sale of specialized security products and services ties in strategically with the Company’s new sales approach of directly targeting cannabis growers and dispensaries on a national scale. We are moving very aggressively to reach our $10 million revenue target for 2015.”
Security Grade has generated $560,000 in revenue with a 40% profit margin in the first half of 2015 and is on track for a $1.3 million run rate by the end of the year. With nearly 100% growth year over year, revenue from the firm are expected to earn mCig $2.5 million in 2016 as the company expands its scope and cross-markets with its existing solutions.
“We are pleased to be joining the mCig team, as their experienced global sales network and operational resources will provide an even greater opportunity for national expansion and growth,” said Derek Porter, CEO of Security Grade Protective Services, Inc. “We found a natural synergy with mCig and feel it will offer the most comprehensive array of products and services to the industry.”
Shares of mCig Inc. have been trending down more than 50% since the beginning of the year.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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